NEM (XEM/BTC) daily chart. Data source: Hit BTC
Important LTC/BTC price levels to watch,
Year High – 0.00000710 (February 03 2017)
Year Low – 0.00000285 (January 5 2017)
NEM prices against Bitcoin (XEM/BTC) is riding high after breaking away from 0.00000584 crucial 0.786 Fibonacci Retracement level yesterday. XEM currently
settled at 0.00000640 BTC price a sharp pulled back from the day high of 0.00000816, an immense jump 30% from yesterday closing price of 0.00000627 based on data from altcoin exchange HitBTC.
Check below for simple guides on Ichimoku Kinko Clouds after critical prive levels.
Tenkan-sen (“Conversion Line”) is expanded its distance atop of Kijun-sen (“Base Line”) revealing a strong rally sentiment. The year high was cracked hours ago. The rapid upstaging leading span A extended the width of the cloud and showing a solid market bull bias. XEM/BTC prices need to stay above 0.00000620 zone to maintain the upward pattern. The lower line on the cloud (leading span B) denoted a possible resistance for any dumping activities. The 200-day moving average is rising yet the span from the traded price is increasing. Furthermore, ADX meter clocked at 33 implying sturdy upward tendency.
NEM (XEM/BTC) – Daily Market Sentiments From HitBTC, Bitmex and Livecoin
NEM (XEM/BTC) Daily Market Depth. Data source : Hit BTC.
NEM (XEM/BTC) Daily Market Orderbook and Trades History. Data source : Hit BTC.
Some Critical Price Levels for the Immediate Term Based on Fibonacci Retracement Approach
Crucial Support Levels
0.00000584 (0.786 Fibonacci Retracement Level)
0.00000520 (0.618 Fibonacci Retracement Level)
0.00000475 (0.5 Fibonacci Retracement Level)
0.00000375 (0.236 Fibonacci Retracement Level)
Trading Idea : Long
But remember set take profit and cut lose ratio to 1:3.
Main Components of Ichimoku Kinko Clouds,
IMPORTANT : Ichimoku Kinko Cloud only work in trending market
1) moving averages
– Tenkan-sen (“Conversion Line”): is a nine-day moving average. Tenkan Sen is an indicator of the market trend, trending or ranging.
– Kijun-sen (“Base Line”): is a twenty six-day moving average. Kijun Sen acts as an indicator of future price movement.
Look for crosses between these two moving averages on top or below the cloud. Don’t trade when they are trading and crossing inside the cloud.
***Note, i left out Chikou Span (lagging line, Today’s closing price plotted 26 periods behind.) on today chart.
2) Clouds – Senkou Span A/Leading Span A and Senkou Span B/Leading Span B
I am only concern on the crossover, thickness, location of the clouds for today.
Some complimentary indicators,
3) Average Directional Index (ADX)
– strong trend is present when ADX is above 25
– weak or no trend is present when below 20 (which indicates a prevailing sideways market)
4) 200-day moving average
This may not be as important, just another added indicator to deteremine the longer trend.
Ichimoku Cloud Setup,
Finding the Trend
– The trend is upward when price is above the Cloud.
– The trend is downward when price is below the Cloud.
– The trend is flat (undetermined) when price is in the Cloud.
The Cloud is green when Senkou Span A is above Span B. A predominantly green cloud indicates a strong up-trend (or weak down-trend), while a predominantly red cloud indicates a strong down-trend (or weak up-trend).
Trading Setup in the Bullish Trend
– Go long when Tenkan-Sen (blue) crosses above Kijun-Sen (red).
– Go long when Price crosses above the Kijun-Sen (red) line.
– Exit when Price crosses below Kijun-Sen (red).
– Exit when Tenkan-Sen (blue) crosses below Kijun-Sen (red).
Signals above the Cloud where the latest Cloud color (ahead) is green are stronger than where the color is red.
Trading Setup in the Bearish Trend
– Go short when Tenkan-Sen (blue) crosses below Kijun-Sen (red).
– Go short when Price crosses below the Kijun-Sen (red) line.
– Exit when Price crosses above Kijun-Sen (red).
– Exit when Tenkan-Sen (blue) crosses above Kijun-Sen (red).
Signals below the Cloud where the latest Cloud color (ahead) is red are stronger than where the color is green.
BTC Exchanges and Charts With NEM #XEM Trading
✘ Hit BTC
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NEM has gone through extensive open alpha testing starting June 25, 2014, followed by lengthy and comprehensive beta testing starting on October 20, 2014.
What is POI?
POI is the consensus algorithm used in NEM to determine who will calculate the next block. An account’s importance is determined by how many coins it contains and the number of transactions made to and from that account. POI is different from other initiatives which use a fee-sharing model that does not take into consideration one’s overall support of the network. In some proof-of-stake systems a person only needs to have large amounts of coins to form a block; however, in NEM the transaction amount as well as support of the network become a factor. This has been designed to encourage users of NEM to not simply hold NEM but instead actively carry out transactions within the NEM ecosystem.
✘ Block Time: 1 Minute
✘ Block Reward: N/A (transaction fees only + node rewards)
✘ Genesis Date: March 31st 2015
⇢ NEM Wallets
⇢ NEM Nodes
⇢ Twitter @NEMofficial
⇢ Reddit r/nem
Chart via tradingview, data source from HitBTC and Poloniex.
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.